Stripe will halt processing Trump campaign donations because of encouraged violence

New York(CNN Business) Stripe will halt payment processing for President Donald Trump's campaign website after last week's breach of the US Capitol.

The Wall Street Journal was the first to report the news, and CNN confirmed the report with a source familiar with the matter.

The online payments processing company restricts payments from "high risk" businesses including those that "engages in, encourages, promotes or celebrates unlawful violence or physical harm to persons or property," according to its website statement on restricted businesses.

The Trump campaign did not immediately respond to a request for comment. Trump's campaign paid Stripe more than $1.8 million in the 2020 election cycle, Federal Election Commission records show.

Last month, Trump's campaign and political operation reported raising more than $207 million between Election Day and early December as he inundated supporters with emails and texts asking for donations to help challenge the election results. An increasing share of the money, however, flowed to a leadership political action committee that Trump established to help fund his post-White House activities.

Updated figures on Trump's most recent fundraising are not yet public.

Stripe's decision follows a number of other companies that have cut ties to either Trump or Republican legislators involved in contesting the counting of electoral results. Citigroup (C), Marriott (MAR), Commerce Bank and BlueCross BlueShield are among some of the biggest companies that have announced they will suspend PAC contributions to lawmakers who attempted to overturn election results.

- CNN's Fredreka Schouten contributed to this report